Latin America-focused digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether. The round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds raised will be utilized to drive expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while simultaneously enhancing the company's infrastructure across the region.
Additionally, Belo aims to strengthen its presence in Brazil by targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet allows users to hold and transfer both local currencies and digital dollars, and has grown to serve over 3 million users across Latin America.
According to CEO Manuel Beaudroit, the company has achieved this milestone with three years of profitable operations and a product that is integral to users' daily lives, and this funding round is focused on scaling the business. Stablecoins have gained significant traction in emerging markets as a viable alternative to traditional banking systems, particularly in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts.
In Latin America, stablecoins are commonly used for storing value, sending remittances, and circumventing costly foreign exchange systems. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, aiming to reduce friction in a region where moving money between countries remains slow and expensive. By leveraging crypto infrastructure behind the scenes, Belo's model simplifies the process, and Tether's involvement underscores a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's strategy as part of a larger shift, where crypto tools are beginning to fill gaps left by traditional finance.
In an interview with CoinDesk, he stated that crypto will start to provide services that traditional financial services have not, catering to the needs of individuals and companies. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations to support its growth.